Why you should speak to an accountant in 2024

The new year brings new opportunities to position your business for growth and success. 

From re-assessing your business structure to preparing for Making Tax Digital (MTD) and investing in accounting technology, this guide from Langdowns DFK provides an overview of how to propel your business forward in 2024. 

We’ll also discuss how an accountant can help you achieve your business objectives, optimise tax positions, and plan for the future. 

Reconsidering your business structure

Is your business structure working for you? Are you self-employed but are considering registering as a limited company? Now might be the time. 

• Legal protection and credibility: Transitioning to a limited company means your business becomes a separate legal entity. This offers protection for your assets against business liabilities. It also bolsters your market presence, adding credibility and professionalism as your brand expands.
• Securing your business name: Registering as a limited company with Companies House helps protect and establish your brand identity.
• Enhanced financial opportunities: Limited companies often enjoy more trust from lenders and investors, potentially unlocking greater funding opportunities and better financial support.
• Personalised guidance: Each business scenario is unique. An accountant can provide personalised advice to determine if this transition suits your business’s specific needs and long-term objectives.

Goal setting and strategic planning

Getting into the habit of regular goal-setting and strategic planning will go a long way in supporting your business in 2024. Here are a few things that we at Langdowns DFK would suggest you consider:

• Reflection and adjustment: The start of a new year is an opportune moment to review the goals set in the previous year. Did you meet your profit margins, sales targets, customer satisfaction levels, market share, and brand awareness goals? If not, it’s time to recalibrate.
• Targeted strategies: For unmet goals, a tailored approach is necessary. For instance, if your profit margins didn’t hit the mark, an accountant can help analyse and trim unnecessary expenses or advise on pricing strategies.
• Measurable objectives: Setting specific, quantifiable objectives is crucial. At Langdowns DFK, we can assist in quantifying these goals and developing strategies to achieve them.

Embracing cutting-edge accounting software

Accounting software is becoming the norm, with spreadsheets giving way to platforms like Xero, Sage, and QuickBooks. Here’s what these platforms offer:

• Streamlining financial management: Gone are the days of cumbersome spreadsheets and manual calculations. Modern accounting software automates these tasks, allowing you to focus more on strategic aspects of your business.
• Accuracy and compliance: With features designed to align with the latest financial regulations, including MTD, these tools help ensure that your financial reports are accurate and compliant.
• Real-Time data at your fingertips: Imagine having instant access to your financial health. Today’s software offers real-time reporting, giving you up-to-the-minute insights into your cash flow, expenses, and revenues.

Preparing for Making Tax Digital (MTD)

The transition to Making Tax Digital (MTD) for Income Tax Self Assessment by 2026 represents a shift in how businesses handle their taxes. To avoid a last-minute rush to get yourself ready, it’s wise to start preparing now. 

Doing so ensures that when MTD becomes fully operational, your business won’t just be compliant – it will be ahead of the curve.

The key to a smooth transition lies in selecting the right accounting software. Look for software that:

• Offers MTD-compliant features such as digital record-keeping and direct submission of tax reports to HMRC.
• Integrates seamlessly with other business systems for a unified workflow.
• Provides user-friendly interfaces to minimise the learning curve for you and your team.
• Key names like Xero, Sage, and QuickBooks all offer MTD-compliant software. 

The role of an accountant in this transformation

Collaborating with an accountant is an excellent choice for bringing your business to a new level this year. 

Whether you’re planning to grow and expand, mitigate risks and address challenges, or simply need to offload tax and compliance strategies and planning to professionals, the Langdowns DFK team can help you deliver. 

Here’s how:

Expert financial navigation

Our help in your business’s transition to MTD can pay dividends:

• Understand the nuances of MTD and how it affects your specific business operations.
• Identify the best accounting software that aligns with your business model and financial practices.
• Navigate the complexities of changing your business structure, whether about tax implications, legal considerations, or adjusting to new financial processes.

Bespoke business advice

Every business is unique, and so are its financial goals and challenges. At Langdowns DFK, our qualified team of accountants can provide personalised advice that’s tailored to your business’s specific circumstances. 

This can include:

• Guidance on restructuring your business to maximise efficiency and tax benefits.
• Strategies for setting and achieving financial goals in the new digital landscape.
• Insights on how to leverage technology for better financial management and decision-making.

Ensuring long-term financial health

Your accountant can optimise tax positions and help manoeuvre your business for growth. Their role encompasses:

• Proactive cash flow management to ensure your business remains financially healthy.
• Strategic financial planning to align your business goals with your financial capabilities and market realities.
• Regular financial health checks and adjustments to strategies as your business grows and evolves.

Summing up

In 2024, the role of an accountant like Langdowns DFK extends beyond traditional bookkeeping – we can help your business push forward and thrive in this new year. 

Whether you’re an individual planning for the future, a small business owner looking to grow, or a corporation navigating new tax laws, the insights of an accountant are indispensable. 

Contact us today at Langdowns DFK to learn more.